10-Q · August 4, 2026
ONEOK delivered strong Q2 growth, with revenue up 52.8% year over year to $12.049 billion, operating income up $162 million to $1.593 billion, and diluted EPS up to $1.53 from $1.34. Growth was led by Natural Gas…
Earnings analysis · 10-Q
OKE earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
ONEOK delivered a strong third quarter, with revenue of $12.455 billion and diluted EPS of $2.13, up substantially from both the prior quarter and prior-year period and well above consensus EPS of $1.49. Adjusted EBITDA…
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ONEOK delivered a strong third quarter, with revenue of $12.455 billion and diluted EPS of $2.13, up substantially from both the prior quarter and prior-year period and well above consensus EPS of $1.49. Adjusted EBITDA rose 6% to $2.24 billion, supported by higher volumes and optimization activity. The supplied 10-Q extract does not include the current-quarter balance sheet, cash-flow statement, segment tables or margin data, so those items cannot be quantified here. Risk factors were not materially changed from the Annual Report, although commodity volatility and merger-related execution remain relevant.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.13
What stood out
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Revenue accelerated sharply year over year
Third-quarter revenue was $12.455 billion, up from $12.05 billion in the immediately preceding quarter and $8.63 billion in the prior-year quarter, representing sequential growth of approximately 3.4% and year-over-year growth of approximately 44.3%.
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EPS materially exceeded consensus
Diluted EPS was $2.13, versus $1.53 in 2026 Q2 and $1.49 in 2025 Q3, increases of $0.60 sequentially and $0.64 year over year. EPS also exceeded the $1.49 consensus estimate by $0.64.
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EBITDA benefited from volume growth
Adjusted EBITDA increased 6% to $2.24 billion, according to the previously reported quarterly results, with higher volumes and optimization activity supporting performance.
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Disclosure controls remained effective
The filing states that the chief executive and chief financial officers concluded disclosure controls were effective as of September 30, 2026, and that there were no changes in internal control during the three months ended September 30, 2026 that materially affected or were reasonably likely to materially affect reporting.
What to watch
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Geopolitical volatility remains a commodity risk
The filing states that geopolitical conditions in the Middle East contributed to commodity-price volatility. ONEOK says its commodity-price exposure remains consistent with prior disclosures, while its hedging activity covers only a portion of forecasted purchases and sales.
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Environmental proceeding threshold
The company uses a $1 million threshold for disclosing environmental proceedings. This threshold creates a disclosure boundary for smaller environmental matters and related liabilities.
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Merger and financing execution risk
The filing contains extensive transaction-related financing and structural documents dated September 8, 2026, September 9, 2026 and September 10, 2026, including multiple supplemental indentures and the Falcon merger agreement. The volume and timing of these documents indicate ongoing merger and financing execution complexity.
Management's outlook
The supplied 10-Q extract does not provide quantitative forward guidance. Previously reported 2026 outlook from the October 27, 2026 earnings release included net income of $4.09-$4.27 billion, adjusted EBITDA of $8.5-$8.6 billion, diluted EPS midpoint of $6.30 and capital expenditures of approximately $3.5 billion; these figures are not presented in the supplied 10-Q text.
Earlier filings 4
10-Q · April 29, 2026
ONEOK reported strong first-quarter 2026 results, with revenue reaching $9.62 billion, a significant increase of 20% compared to $8.04 billion in Q1 2025. However, diluted EPS was $1.23, which fell short of the $1.31…
10-K · February 24, 2026
ONEOK completed the EnLink acquisition (issued 41 million shares with a fair value of $4.0 billion) and reported strong top-line growth in 2025 (Q4 revenue $9.07 billion; Q4 diluted EPS $1.55). The company remains…
10-Q · August 6, 2024
ONEOK reported Q2 2024 revenue of $4,894 million and diluted EPS of $1.33, with operating income of $1,229 million (25.1% operating margin). Year-over-year profitability and equity earnings strengthened materially,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.